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Peak fossil fuel demand will happen this decade

By illuminem briefings ๐ŸŒŽ

Sep 12 2023 ยท 1 min read

Illuminem Voices
Energyย ยทย Oil & Gasย ยทย Upstream

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๐Ÿ—ž๏ธ Driving the news: Projections from the International Energy Agency (IEA) suggest the era of unending growth of fossil fuels—oil, gas, and coal—is nearing its end this decade
• The rapid expansion of solar panels, electric vehicles, and the decrease in coal usage, especially in China, drive this shift

๐Ÿ”ญ The context: Annually, the IEA's World Energy Outlook presents potential trajectories for the global energy system
• The upcoming report reveals that the "Golden Age of Gas" may see its decline by the end of the decade, influenced by the growth of renewables and Europe's shift away from gas post Russia's invasion of Ukraine

๐ŸŒ Why it matters for the planet: This change could mark an earlier peak in global greenhouse gas emissions, which marks a positive change in the fight against climate change

โญ๏ธ What's next: Even with the anticipated declines in fossil fuel demand, these projections aren't steep enough to align with the global goal of restricting warming to 1.5C
• Achieving this target demands more aggressive policy interventions by governments

๐Ÿ’ฌ One quote: "Peaks for the three fossil fuels are a welcome sight, showing that the shift to cleaner and more secure energy systems is speeding up and that efforts to avoid the worst effects of climate change are making headway." (Fatih Birol, Executive Director of the IEA)

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